Xbox has fixed clocks - during even the most demanding game conditions the frequency shouldn't budge. This means leaving a lot of frequency for peak or even typical clocks on the table.
These are the clocks for the 6700XT, a top bin of the 40 CU Navi 22 RDNA2 chip. Ignore the min max numbers in the box for a moment, because these are actually "99th and 1st percentile, so outliers are excluded".
There are points where the frequency is dropping into the 1900 ~ 2000 mhz range during gaming. This is despite the 6700XT having a higher draw on its own than the
entire Series X
at the wall.
The Series X has significantly less electrical power available for the GPU than the 6700XT, and it has 30% more CUs to spread it amongst. They also can't bin for different models, and Series X chips had to be locked down and in mass production a little earlier too. Fixed clocks of 1825mhz is pretty damn good for the Series X, and in line with what you'd expect from year 2000 RDNA2.
The idea that Series X clocks are low is unfounded - it's the fixed nature of the clocks that makes them appear low relative to PS5 and particularly PC RDNA2 parts.
The PS5 initially did not have dynamic clocks. According to Cerny in Road to PS5, before dynamic clocks they couldn't maintain 2 ghz.
My guess would be that Cerny decided to add AMD Smartshift (or some version of it) to the PS5 when it was delayed to add RDNA2's ray tracing (or a slightly earlier version of it).
You'll probably have noticed that despite the liquid metal TIM and high power draw, PS5 boost clocks well below RDNA2, but it clocks rather better than RDNA1. IMO this is almost certainly because the design exists somewhere between RDNA1 and RDNA2.
Adding RT and PC APU style boost/power sharing to the PS5 are the two things that almost completely nullified Xbox's hardware advantage, even if it delayed the PS5. It's stuff like this that really shows how very good Mark Cerny is at his job, and not nonsense internet stuff about "fully custom Cerny Geometry engines" or whatever.